Hyundai Glovis inks $790m vehicle shipping deal

South Korea’s Hyundai Glovis has won a two-year vehicle shipping contract worth KRW1.05trn ($789.5m).

The deal will see the logistics unit of Hyundai Motor Group deliver finished vehicles for an undisclosed carmaker for sale in Europe from 2023.

The contract represents 4.8% of Hyundai Glovis’ annual sales and follows close to KRW2.2trn record deal the company clinched in September to ship vehicles to Europe, the Americas, and Asia.

The company has over the last few years strategically expanded its non-Hyundai client base to include the likes of Volkswagen, Ford and BMW, which last year made up around 60% of its revenue.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
Back to top button